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Forum / Real Estate Investing / Selling an occupied rental
I am contemplating selling one of our rentals that is presently occupied. The current lease is active to May 2019. Does the current lease carry over to the new owner or is it now void and the tenants given a fixed amount of time to move?
Lisa M, MI on Monday, July 16, 2018
RE: Selling an occupied rental
Assuming you have a fixed term lease without a lease termination on sale clause then I believe your lease would generally continue and your tenant has the same rights as before. The new owner "steps into your shoes" and takes over the lease essentially. I'm not familiar with MI law so you should check with a local attorney or experienced landlord.
Posted by , NJ on Thursday, July 19, 2018
RE: Selling an occupied rental
Assuming you have a fixed term lease without a lease termination on sale clause then I believe your lease would generally continue and your tenant has the same rights as before. The new owner "steps into your shoes" and takes over the lease essentially. I'm not familiar with MI law so you should check with a local attorney or experienced landlord.
Posted by , NJ on Thursday, July 19, 2018
RE: Selling an occupied rental
In PA, the lease carries over and is transferred to the new owner. Any deposits, last month rent, etc., is taken by the buyer at closing. We sold a 3-unit last year and that was the case. Next time, I would write into the purchase agreement that the buyer be forbidden to contact the current occupants until after he takes possession. In my case, the tenants knew he was taking over and withheld their rents. Once the property became his, I had no eviction rights, etc., and consequently, no way to get the last month's rent except through small claims. I lost a few thousand dollars.
Posted by , PA on Saturday, February 9, 2019
RE: Selling an occupied rental
20
Posted by jahfwkwi j, on Wednesday, April 3, 2019
RE: Selling an occupied rental
20
Posted by jahfwkwi j, on Wednesday, April 3, 2019
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